The Reserve Bank of India said it has cancelled the registration of Pune-based Kudos Finance and Investments and Mumbai-based Credit Gate for regulatory lapses in lending practices. With cancelled Certificate of Registration(CoR), the two NBFCs should not transact the business of a non-banking financial institution, the RBI said in a statement.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The Certificate of Registration(CoR) of the two NBFCs have been cancelled on account of violation of RBI Guidelines on Outsourcing and Fair Practices Code in their digital lending operations undertaken through third party apps, which was considered detrimental to public interest,” it said.
According to the statement, the entities were also not complying with the extant regulations pertaining to charging of excessive interest and had resorted to undue harassment of customers for loan recovery purposes.
Prior to this, the Reserve Bank of India (RBI) has asked online payment gateway PayU India to reapply for its initial payment aggregator (PA) licence.
India’s economic future is increasingly tied to industries that are still evolving but promise massive…
In an unprecedented and emotionally charged development, Maharashtra witnessed a historic political moment as Sunetra…
A research team reported that they had completely eliminated the most aggressive form of pancreatic…
Rivers have always been an important part of human life, providing water, food, and transportation.…
Elena Rybakina won the Australian Open 2026 women’s singles title after defeating World No. 1…
India’s largest public sector steelmaker has achieved a milestone that goes beyond production and profits.…